Australian Property

CoreLogic released its auction report yesterday, which reported another pathetically weak round of auctions. The preliminary national auction clearance rate was just 46.8% versus 47.2% last weekend (later revised down to 42.7%).

Oh boy.

Yesterday REA released a good result: 17% top line growth is a little ahead of consensus but the warning does not bode well.

By Leith van Onselen Australia’s Property Council Prime Minister, Scott Morrison, has launched a new front in his fight against Labor’s negative gearing policy: claiming that it would lose Australia its prized sovereign AAA credit rating.

As we know, the corrupt RBA, Treasury and APRA are working behind the scenes to prevent any meaningful reform to Australia’s corrupt banking industry.

By Leith van Onselen The ridiculous lack of affordable housing in Sydney and Melbourne has been brought to light in a new report from CoreLogic.

Alan Kohler podcast: Shane Oliver is right on 20% Sydney/Melbourne housing correction; economy to sink; banks very stretched; RBA to cut in 2019.

Via Martin North comes Tony Locantro, fundie, on how to survive the Australian property crash.

Via The Australian: More builders will fail as a hangover from what has been a “profitless boom” for some washes through the market, Hutchinson Builders chairman Scott Hutchinson believes.

By Leith van Onselen A cabal of leading growth lobbyists have united to lobby the NSW Government to relax planning restrictions in order to allow them to bulldoze the suburbs and build wall-to-wall high-rise across Sydney.

Via Capital Economics:  The PBOC appears to have intervened directly in the foreign exchange market again in October.

By Leith van Onselen A desperate Treasurer Josh Frydenberg hit the airwaves yesterday attempting to scare voters into believing that Labor’s negative gearing policy would simultaneously smash house prices while forcing up rents.

As we’ve observed before, there is nothing that the Reserve Bank of Australia and friends won’t do, no place they won’t go, to protect their pet housing bubble.

By Leith van Onselen CoreLogic’s latest dwelling sales data was more bad news for those groups heavily reliant on property transactions, such as real estate agents and state governments (via stamp duty).

Via Martin North: We have completed our October 2018 mortgage stress analysis and today we discuss the results.

Have a listen in to Roger Montgomery on the on ABC yesterday here.

By Leith van Onselen The Coalition’s analysis of income and tax data for 2015-16 shows that 1.3 million Australians owned a negatively-geared investment property during that financial year.